The median price for this type of housing even declined slightly last month when compared with the same period in 2004.

The median price — the price at which half of the properties sold for more and half for less — was $110,000 in April, according to the association.

Developers continue to buy land for townhome projects around the area.

At the same time, so-called condo converters are turning apartment complexes into for-sale condominiums, adding thousands of units to the market.

A company recently purchased the Bristol, a 20-year-old high-rise apartment building at 3350 McCue Road near the Galleria mall.

Choice Condominiums bought the 27-story, 96-unit tower and plans to sell units in the building starting at around $340,000.

While Mehdi recognizes the abundant supply, he thinks the Bellaire-area location will set his project apart.

He's even calling it the Bellaire.

"Neighborhoods like Bellaire are fully developed," he said. "And it is lacking one of these condominiums."

The Bellaire site is just south of Bellaire Boulevard and Bissonet at 7134 Mapleridge.

Units in the four-story building — all of which have two bedrooms and two bathrooms — will start at $250,000.

Mehdi bought the land last year. There had been an abandoned church on the site.

Rain Properties is a partnership between Mehdi and David Suchowiecky, a physician and real estate investor.

Vantage keeping busy

Industrial developer Vantage Cos. is building more than 650,000 square feet of office and warehouse space throughout the Houston market.

The largest of these projects will be in northwest Houston.

The Bondesen North Business Park will have more than 215,000 square feet of space at the northeast corner of Beltway 8 and West Little York.

In the southwest part of town, the company is building two projects — Southwest Crossing and Beltway 8 Business Center — both near Beltway 8 and U.S. 59.

Vantage has developed in these areas before, and last year the company sold those projects to investors.

It's also building Hobby Commerce Center near Hobby Airport and Battleground Distribution Center II in Deer Park. Both projects are joint ventures with Clay Development.

In addition, the company also has 25 acres under contract in La Porte, where it plans to build another 560,000 square feet of industrial space.

Who's moving?

•The Houston office of
Alvarez & Marsal
has relocated to 30,000-square-feet of space in the
Bank of America Center
at 700 Louisiana.
The professional services firm, which deals in real estate, taxes and other types of business consulting, moved from Two Shell Plaza.

• Velocity Express has leased 20,608 square feet in Corporate Plaza I at 2600 Southwest Freeway in the Greenway Plaza Area.
The shipping and logistics company took some of the space vacated by Everyone's Internet, which recently moved to its own building.